We've heard lots of horror stories about social security going broke or disappearing. There's no question that the failure to lock up the surplus before giving it away to major tax breaks has put the system in jeopardy. But, Hans Reimer, Executive Director of Rock the Vote says social security is not as doomed as some claim:

Despite what you have been told, Social Security is not "going bankrupt" or "broke," and it will never disappear. Social Security will most likely need more money in the future in order to pay all the benefits that are promised. Nevertheless, Social Security is in much better shape than most people realize. Even without changes, Social Security can pay larger benefits to future retirees (today's young workers) than seniors get today.

Reimer further says the actual statistics show that with no changes no benefits will drop until 2040. And, even then its a relatively slight drop. But, with some reform well short of President Bush's privatization plan, Reimer says Social Security should be around for theforeseeablee future:

Since current workers pay the benefits for current recipients, the only way that the program would disappear is if there were no workers paying into it. Clearly that is never going to happen. While there is indeed a decline in the number of workers paying into the fund relative to beneficiaries, there are still enough workers paying in to Social Security to fund larger benefits than people receive today.

Consider a worker who is 22 today and retires at 67 in 2050. With no changes, Social Security would provide her with a benefit of approximately $18,000 per year. If she were to live twenty years in retirement - a likely prospect - she would collect more than $360,000 from Social Security, in today's dollars, without changes to Social Security.

The deadly bombings in London and the failure to shut down Al Queada have taken domestic issues out of the U.S. spotlight. But, I have no doubt we'll hear more on this important issue as the 2006 election season approaches.